Reminder to landlords over tenancy deposits
Residential landlords have been reminded that they are under no obligation to hand over deposits to a third-party.
Government-authorised, insurance-based tenancy deposit protection scheme MyDeposits.co.uk told landlords that they have the option of retaining their tenants' deposits.
David Salusbury, chairman of the website, noted that new regulations which oblige landlords to protect tenants' deposits do not specifically stipulate that third parties must be involved in the process.
He noted that buy-to-let investors who make use of MyDeposits.co.uk can adhere to the new codes of conduct without having to transfer funds to a separate bank account or Letting Agent.
Commenting on the new rules, he continued: "Landlords who fail to comply with the tenancy deposit protection legislation face considerable risks. They could be forced to pay a fine of up to three times the deposit amount and limits will be placed on their ability to seek possession for as long as the deposit remains unprotected."
MyDeposits.co.uk currently protects more than £200 million worth of deposits.
Published 12th June, 2008
© 2008 Estates IT Limited
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Residential landlords have been reminded that they are under no obligation to hand over deposits to a third-party.